Chicago Board of Trade corn futures traded mostly higher on Thursday on short covering and after President Donald Trump said his administration was planning a "giant package" related to ethanol. Front-month CBOT September corn fell 3 cents to $3.59-3/4 a bushel ahead of first notice day on Friday. Traders were mixed on their expectations for deliveries against September corn futures on first notice day, with some expecting 500 to 1,100 deliveries and other expecting fewer than 500.

December corn, which represents the crop that will be harvested this autumn, rose 1/4 cent to close at $3.71-1/4 per bushel. The most-active contract reached its highest price since Aug. 20. Some traders were evening up positions before the three-day Labor Day weekend.

Trump said his administration was planning a "giant package" related to ethanol that would please US farmers angry that many more oil refiners have been freed from obligations to use the corn-based fuel.

Copyright Reuters, 2019